The pair moved up on Tuesday and tested the pullback level of 61.8% at 1.3054 (blue dotted line). Today, the price, working out the news background, went down and tested the support line at 1.2946 (red bold line). It will try to continue moving up. News on the market is expected at 12:30 UTC (Pound) and 16:14, 18:00, and 18:30 UTC (Pound).
Trend analysis (Fig. 1)
Today, the market will try to continue moving up from the support line 1.2948 (red bold line) to reach the pullback level of 50.0% at 1.3016 (blue dotted line). If this level is tested, the upward movement will continue with the goal of 1.3054 which is a pullback level of 61.8% (blue dotted line).
Figure 1 (daily chart).
Complex analysis:
- Indicator Analysis – up
- Fibonacci Levels – up
- Volumes – up
- Candle Analysis – up
- Trend Analysis – down
- Bollinger Bands – up
- Weekly Chart – up
General conclusion:
From the support line at 1.2948 (red bold line), the price will try to continue moving up in order to reach the pullback level of 50.0% at 1.3016 (blue dotted line). If this level is tested, the upward movement will continue with the goal of 1.3054 which is a pullback level of 61.8% (blue dotted line).
Unlikely scenario: From the pullback level of 38.2% at 1.2977 (blue dotted line), the price will work down to reach the support line at 1.2948 (red bold line). If this line is tested, it will work down to the target of 1.2867 with a rollback level of 61.8% (red dotted line)
The material has been provided by InstaForex Company - www.instaforex.com
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